Light & Wonder is undergoing a major strategy shift to drive value for shareholders.
The Las Vegas-based cross-platform games provider announced plans to delist from the Nasdaq stock exchange in order to have a sole listing on the Australian Securities Exchange (ASX). The gaming giant prepared for its sole listing on the ASX after hiring investment banking firms Jarden Australia and Goldman Sachs to analyze a Nasdaq delisting.
“I have confidence in our strategy as we continue to execute our long-term blueprint, which will continue to drive quality of earnings and sustainable value both operationally and financially,” said Light & Wonder President and CEO Matt Wilson.
Light & Wonder will delist from the Nasdaq by the end of November 2025 after gaining approval on the move from its board of directors following an extensive review of the company’s operations. The company’s stock price in the U.S. fell by over 10% in the year to date. In 2023, Light & Wonder went public on the ASX and has since increased its share capital. That year, its issued share capital on ASX was 17%.
In July 2025 that figure increased to 37%.
Aristocrat takes Light & Wonder to court
The company is delisting from a U.S. stock exchange amid legal woes in its home state.
According to court documents, Aristocrat is suing Light & Wonder in Nevada over claims of copyright infringement, trade secret misappropriation and deceptive trade practices.
The suit centers around Aristocrat’s Dragon Link casino game. Aristocrat accuses Light & Wonder of orchestrating a campaign to copy Dragon Link through the hiring of former Aristocrat executives and game designers. Light & Wonder argues that its games that allegedly resemble Aristocrat’s were developed over several years with innovation in mind. Aristocrat would later expand the suit to include other casino games from Light & Wonder.
In the suit, Aristocrat seeks monetary damages and an injunction against Light & Wonder. A trial between Aristocrat and Light & Wonder is set for 2026.
$1 billion share repurchase program for shareholders
According to estimates from Wall Street analyst David Katz, Light & Wonder’s market capitalization on the ASX could reach roughly $8 billion once delisted from the Nasdaq.
Light & Wonder is delisting after its board of directors approved a three-year, $1 billion share repurchase program in June 2024. According to Light & Wonder CFO Oliver Chow, the program is approximately 55% complete with the company repurchasing roughly $100 million of shares in Q2 2025. Since 2022, it has returned $1.3 billion to shareholders.
Light & Wonder reports a decline in revenue
The slot machine maker generated $809 million in revenue in Q2 2025, down from $818 million for the same period last year led by a decline in gaming and SciPlay revenue. Despite the drop, Light & Wonder’s iGaming segment reported year-over-year growth.
In Q2 2025, iGaming revenue was $81 million compared to $74 million in Q2 2024.
Consolidated AEBITDA for Light & Wonder closed at $663 million in Q2 2025. By comparison, consolidated AEBITDA reached $610 million for the same period in 2024.
Light & Wonder’s net income in Q2 2025 was $96 million, a 16% year-over-year increase.
The company is gearing up to bring its products to the United Arab Emirates after being awarded a vendor license by the General Commercial Gaming Regulatory Authority.
